{"id":3736,"date":"2021-02-08T17:18:42","date_gmt":"2021-02-08T23:18:42","guid":{"rendered":"https:\/\/web.blockadvisors.com\/?p=3736"},"modified":"2024-05-15T15:16:05","modified_gmt":"2024-05-15T21:16:05","slug":"form-4562","status":"publish","type":"post","link":"https:\/\/hrbscaletest.hrblock.com\/resource-center\/small-business-tax-prep\/form-4562\/","title":{"rendered":"Use Form 4562 to offset your operating costs"},"content":{"rendered":"\n

As a business owner, operating costs can be expensive. Tax breaks can help with offsetting the cost of certain types of property, but in some cases, you can\u2019t claim these expenses all in one year. That\u2019s where Form 4562 comes in. <\/p>\n\n\n\n

Consider these scenarios: You\u2019re landscaper who acquires a used pick-up truck, or a small business that purchases a new office building\u2026 The IRS doesn\u2019t allow these business owners to deduct the full cost of these purchases in the year they were bought. But you can deduct a portion of the total costs each year by claiming a depreciation deduction.<\/p>\n\n\n\n

However, in some cases, you may be able to deduct all or a larger portion of the cost by claiming bonus depreciation or electing the section 179 deduction. (If you\u2019re asking yourself, \u201cwhat is section 179<\/a>?\u201d, we\u2019ve got the answers!)<\/p>\n\n\n

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\"form<\/figure>\n<\/div>\n\n\n

This post will help you understand the appropriate IRS form to fill out in instances similar to those mentioned above.<\/p>\n\n\n\n

Who files Form 4562?<\/h2>\n\n\n\n

If you\u2019re a small business owner or self-employed person who acquired or bought real or tangible property used for business purposes (other than materials and supplies), you will likely file IRS Form 4562.<\/p>\n\n\n\n

All about the Form 4562: Depreciation and Amortization<\/h2>\n\n\n\n

IRS Form 4562: Depreciation and amortization is the name of this form, but it has additional uses beyond those two ways to claim expenses.<\/p>\n\n\n\n

Overall, you\u2019ll need to use this form if you are:<\/p>\n\n\n\n